What Is A High Risk Payment Gateway?
A high risk payment gateway is a software tool that transfers payment information on your site. It functions as an online terminal or credit card machine for processing e-commerce payments. Key points:
- Facilitates communication between banks
- Authorizes credit card payments for both offline and internet companies
- Processes debit cards, credit cards, eCheck (ACH), and cryptocurrencies
How Does a Payment Gateway Work?
The payment transaction process:
Client places an order and submits payment information
Encoded information is sent to the merchant's processor
Processor routes the transaction to the credit card association
Transaction is approved or declined
Trade gets authorization
Money becomes available after 24 - 48 hours
Applying for a High Risk Payment Gateway
Important considerations:
Don't confuse a payment gateway with a merchant account
Payment Service Providers (PSPs) function as both merchant accounts and payment gateways
Multiple high risk payment gateway options are available
Installation speed varies depending on your industry
Be aware of the fee arrangement (set-up fees, transaction costs, admin expenses)
Best High Risk Payment Gateway Integrations and Features
Key features to look for:
Efficient processing time (usually within a few days)
International and multi-currency payment capabilities
Strong security measures (PCI DSS compliance, tokenization)
Reliable customer support
Support for local credit card types (for international payments)
Ability to handle recurring payments
Integration with existing billing, shopping cart, and accounting software
Choosing the Best High Risk Payment Gateway
To find the best high risk payment gateway:
Seek out an e-commerce application service provider
Look for providers specializing in high-risk industries
Consider partnering with a trustworthy payment processor (e.g., PayKings)
Ensure the gateway meets your specific business needs
Remember, the company providing your high risk merchant account is typically the same one that will be your payment processing provider.